You believe in the power of compounding and decide to save $1 per day by avoiding the purchase
of a soda. You deposit the $1 at the end of each day in a bank account that pays 8% interest
compounded daily.
You are going to take a trip in 20 years with the money you have accumulated.
How much money will you have in 20 years, assuming 365 days per year?
A) $7,500 B) $18,032 C) $12,438 D) $22,456
B
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The Lawrence Company records its trade accounts payable net of any cash discounts. At the end of 2016, Lawrence had a balance of $300,000 in its trade accounts payable account before any adjustments related to the following items: 1. Goods shipped to Lawrence FOB shipping point were in transit on December 31. The invoice price of the goods was $50,000, with a 2% discount allowed for prompt
payment. 2. Goods shipped to Lawrence FOB destination on December 29 arrived on January 2, 2017. The invoice price of the goods was $9,000, with a 4% discount allowed for payment within 20 days. 3. On December 10, Lawrence had recorded a shipment received. The recorded invoice price was $24,750, net, with a 1% discount allowed for payment within 14 days. At the end of the year, payment had not been made. At what amount should Lawrence report trade accounts payable on its December 31, 2016 balance sheet? A) $349,000 B) $349,250 C) $357,680 D) $357,930
Independent contractors usually work for a number of clients, have their own offices, hire employees, and control the performance of their work
Indicate whether the statement is true or false
Using ______ language helps build a collaborative climate,
Fill in the blank(s) with the appropriate word(s).
Vargas Company purchased a computer for $3400 on January 1, Year 1. The computer is estimated to have a 5-year useful life and a $700 salvage value. What adjusting entry would Vargas record on December 31, Year 1 to recognize expense related to use of the computer?
A.
| Depreciation expense | 680? | |
| Accumulated depreciation | 680? |
B.
| Accumulated depreciation | 540? | |
| Depreciation expense | 540? |
C.
| Depreciation expense | 540? | |
| Computer | 540? |
D.
| Depreciation expense | 540? | |
| Accumulated depreciation | 540? |